CGN Power Co. Ltd (CGN Power) has approved the Share Transfer Agreement entered into with its controlling shareholder – China General Nuclear Power Corporation (CGN) at an extraordinary general meeting in Hong Kong.
CGN Power was incorporated on March 25, 2014, registered with an initial capital of 35.3 billion yuan (US$ 5.12 billion). The company was listed on the Main Board of the Hong Kong Stock Exchange on Dec 10, 2014. According to the resolutions set out by the board of directors, CGN Power acquired 61% equity interests in Guangxi Fangchenggang Nuclear Power Co Ltd, 100% in China Nuclear Power Engineering Co Ltd (CNPEC) and 100% in CGN Lufeng Nuclear Power Co Ltd (CGN Lufeng).
After the acquisition of CNPEC shares, CGN Power will improve its expertise in Nuclear Power plant (NPP) construction cost, safety and operation depends directly on its design, R&D, technology integration, engineering management and construction material quality.
CGN Power’s move toward CGN Lufeng will help adjust its technological structure and acquire the latest Chinese technologies. CGN Power becomes the sole owner of three globally accepted Gen-III nuclear power technologies—HPR1000, EPR and AP1000.
*Guangxi Fangchenggang Nuclear Power Co Ltd ：Founded in 2008, it engages in the investment, development, construction and operation of Fangchenggang Nuclear Power Plant (NPP) in which CGN formerly took 61% of equity interests.
*CNPEC, established in 1997, is the first enterprise to engage in nuclear power project management in China. The company’s main business covers civil engineering contracts, management, consulting, supervision, construction technology services, construction project tender agent, imports and exports and engineering design.
*CGN Lufeng was registered in 2008, and is mainly responsible for Lufeng NPP investment, construction and operation, as well as power generation, transmission and sale. Lufeng NPP phase one was the first proposed project to adopt the advanced Gen-III AP1000 technology.
